As an entrepreneur when you enter into a business you must take utmost care of being vigilant and diligent. Especially if you are entering a business set up with a partner make sure you choose the right person to work with. The focus on growth and profitability of the business may overpower your mind, making you choose knowledgeable and productive business partner but down the hill when working together after sometime the conflict between the personality arises. So make an effort to find the best match who matches your practices, values, leadership style, goal, motto, skills and personality. As these decisions are likely to make a greater impact on your business.
To help you venture with a good partner, here we bring in to you some points that would help you make optimum choice.
1. ‘Yes’ or ‘No’ on Trust:
Trust is something that plays a key role when it comes to business, because a business involves inflow and outflow of fund that leads to operation of bank account. And if your mind and heart does not allow you to trust your partner in this regard then step back.
2. Trial run to experience:
It is always good to choose a person with whom you have worked for some specific time e.g. a Project. Because it allows you to analyze how a person works with a team and handle a situation. But if you have not worked with the potential partner, then it would be best to do a trial run before taking the final decision.
It is not necessary that a good friend can make a good partner. Check their personal life stability as that would have an adverse affect and may create complication in the business. Also while making decision make sure that the personality trait, responsibility, goals, style matches with your expectation.
4. Don’t partner, to escape hiring:
Partnering with an individual, just because you find it difficult to afford hiring a consultant is not a good choice as it would be painful when you find the person is not competent. Thereby it would be a better option to hire an individual than partnering and sharing the rights of the company.
5. Different Strengths:
To ensure some balance and flourish, choose a partner who compliments your skill for the better of the business. E.g., Say if you excel in sales and your partner in execution, this would make a better option to work effectively on different areas but with a same motive.
6. Money matters:
Clarified thoughts regarding the money investment as well as profit distribution plays a vital role. If there is any kind of dis-agreement then step back.
Discuss and decide regarding the terms of the contracts to avoid any kind of disagreements. Set regulations for all the kind of possibility that may arise to see how they handle situations in reality.
Unequal distribution of responsibility where one works more and the other little would create a rift between the partners. So make sure to choose a person who agrees to take up responsibilities and work efficiently for the concern.
Choosing a good partner would help your business flourish..!!!!